Annual technical report for EL 24194 Indiana Project, for the period 24 January 2005 to 23 January 2006

Abstract

This report summarises work completed on Mithril Resources Indiana Project Exploration Licence (EL24194) for the year ending the 23rd January 2006. The project area is located approximately 300 km northeast of Alice Springs, just south of the Plenty Highway. Work completed over the tenement area during the reporting period included the following: Interpretation and evaluation of previous exploration, Collection and analysis of magnetic stream sediment samples and; Interpretation of assay results; Recommendations for further work. Results indicate areas of anomalous nickel and nickel-copper values in the stream sediment sampling which may be sourced from magmatic sulphides hosted in mafic / ultramafic bodies. Further work will include detailed magnetic lag sampling and geological mapping followed by surface EM and drilling if target are identified.